Labuan FSA confirms relief measures for registered companies
Labuan Financial Services Authority (Labuan FSA) has announced Temporary Regulatory Reliefs (TRRs) for Labuan entities to cushion the impact and disruption to business operations caused by the coronavirus pandemic.
The TRRs are intended to provide administrative and financial relief to Labuan entities during the COVID-19 crisis and facilitate uninterrupted business and market operations in Labuan IBFC.
Labuan FSA said the TRRs provide:
(i) Governance and Conduct Regulatory Relief, such as allowing for virtual Board meetings, a reduction in the prescribed Continuous Professional Development points required to renew licensed persons such as trust officers
(ii) Financial Regulatory Relief, Regulatory Submission and Supervisory for financial institutions and
(iii) An extension period for the submission of Statistical Submission, among others.
Labuan IBFC, Asia's leading midshore jurisdiction, is home to more than 16,000 entities.
With Asian-based entities being a large user base for the jurisdiction, Labuan FSA says it has already taken a facilitative approach in catering to the unique challenges caused by COVID-19 since February by allowing digital alternatives where possible, while ensuring regulatory standards are set both within the jurisdiction and that international requirements are not mitigated.
Click here for more details on the scope of the TRRs.
Subscribe to International Investment's free, twice-daily, newsletter
by Tanya at http://www.ifacareers.today
Daniel van Niekerk
Welcome to Prestige IFA Jobs, the premier international wealth management recruitment service. Since our establishment in 2016, we have earned a reputation as the go-to choice for discerning international wealth management and investment advisory firms around the world. At Prestige IFA Jobs, we redefine the art of headhunting in our industry. We stand unrivaled, leading the way with our unique approach and unmatched expertise. No one does what we do quite like us. Our commitment goes beyond simply matching a qualified candidate with a good IFA firm. We believe in finding the perfect synergy between candidate and company. With our extensive background in personal financial advisory across multiple countries, we take the time to deeply understand our candidates and our clients. So, when things go wrong, don't go wrong with them...because the successful warrior is the average man, but with laser focus.
